People all over America are excited about buying used RV repos. RVs are a great way to vacation and see America from the comforts of your own home. Unfortunately, taxes are going up and the economy may not be. People looking for ways to save money may benefit from recent economic down turns as the chance to find more great deals from desperate sellers, or foreclosed and repossessed RVs may be on the rise.
Most new RV are very overpriced. People know that when they drive that new RV off the lot, they automatically lose 30% of it’s value. Buying used or repossessed RVs is a good way to save you a bundle. To get a greatest deals I normally do not recommend a dealer. Instead we recommend finding great deals through private party sellers or buying Repo RVs from a bank.
The problem is that most repossessed RV never go to private party auction. They just get auctioned off to a dealers are they get turned over to an authorized dealer as part of a consignment agreement. Banks are not professional RV sales people. They do not have an advertising budget and they just want to sell as quickly as possible. Either way, you are still buying 3rd party when you buy a bank repo.
A good idea to find bank repo RVs is to contact your lender and asks them if they have any that they are selling or if they get any to contact you if they do. You may get lucky a few lenders may be helpful. One of the biggest sub prime RV lenders is American General Finance. You could also try contacting them. Most RV repos are sold as a silent auction. They may allow you to walk through before the auction or just after. All the sales are normally final and you buy the RV in As-Is condition.
The great part is that unlike foreclosed home, most repo RVs are in good condition. You can get and RV in good condition for a great price. Another benefit is it could come with a lot of upgrades, like satellite, Internet access and multiple slide out. You can get a lot more RV for your money.
When buying a repo RV at an auction it is important to be focused on what you want and to keep in mind a ceiling bid. Set this amount in your mid before you go to the auction to avoid a bidding war. This is the maximum you will allow your self to bid. The only real way to lose out at an auction is to become emotional and overbid.
Before bidding make sure to thoroughly inspect the unit (when possible). Anything that needs to be fixed need to be deducted from the price you would otherwise be willing to pay. If it is not possible to inspect the motorhome beforehand, factor in a contingency factor of 5-15% to fix likely minor repairs. Make sure you are not obligated to buy if the unit has any major problems. Some times they will give you 24 hours or 3 days to have the unit inspected and this is usually more than worth the cost. Use a basic guide book to determine the approximate value of the repossessed RV. If you use the NADA guide keep in mind that you are not buying at private party price, but probably at or below the trade in value. If you do not have access to this value, call a dealer and ask them what the trade in value is. In most cases, they will be glad to help you. This will allow you to get the best deal on repo RVs.